Every time tighter COVID-19 measures are announced, many of us grumble because we can’t see our friends or have meals outside.
But there are people out there who are financially affected by such measures, so much so that some find it hard to make ends meet.
Fortunately, the government is stepping in once again to help us out.
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Three Financial Support Schemes
Residents and workers who have been financially impacted by the measures during Phase 2 (Heightened Alert) will be eligible for new financial support schemes.
The three schemes were announced by the Ministry of Finance (MOF) in a Facebook post yesterday (28 May).
They are:
- COVID-19 Recovery Grant
- COVID-19 Driver Relief Fund
- Suspension of MOE Loan Repayment and Interest Charge
Here are the details for each scheme:
COVID-19 Driver Relief Fund
Earlier this month, the Ministry of Transport (MOT) announced that taxi and private hire car drivers will receive increased relief to S$750 per vehicle per month, from 16 May to 30 Jun 2021.
The government set aside S$27 million as a one-off top-up to the fund so private-hire and taxi drivers can receive additional cash support of $10 per vehicle per day.
Suspension of MOE Loan Repayment and Interest Charge
The government is also doling out financial support to polytechnic and autonomous university graduates who have to repay student loans.
The Ministry of Education (MOE) will extend the suspension of loan repayments and interest charges by another four months, until 30 Sept.
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No interest will be charged during these four months.
These student loans include tuition fee loans, study loans, and Overseas Student Programme loans, as they are all government loans.
Those with outstanding loans will automatically be granted the extension, MOE said.
However, those who wish to continue paying off their loans can do so after making arrangements with their tertiary institutions and banks.
COVID-19 Recovery Grant
The new COVID-19 recovery grant will provide a one-time payout for lower-to-middle-income employees and self-employed residents who are financially impacted by the tightened measures.
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To be eligible for the new grant, workers need to either:
- have been placed on involuntary no-pay leave for at least a month from 16 May to 30 June; or
- have suffered an income loss of at least 50% for at least a month over the same period
Under the grant, eligible workers placed on involuntary no-pay leave may receive a one-off payout of up to S$700, while those experiencing significant income loss may receive a one-off payout of up to S$500.
The new temporary grant will supplement the existing COVID-19 recovery grant, which was launched on 18 Jan this year.
Applications for the new temporary grant will be open from 3 June to 2 July.
Featured Image: Miguel Vidal/ Shutterstock.com
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